Thursday, October 31st saw the front-month NYMEX Natural Gas Futures Contract open at $2.787, down $0.058 compared to Wednesday’s closing price of $2.845. Recording the intraday high of $2.809 within minutes of the opening bell, the contract soon trended lower. Trading along $2.765 ahead of the weekly storage publication, prices withdrew as the bearish report hit the wire. Analysts are pointing to weak demand and increased production, which directed the contract to an intraday low of $2.688 ahead of midday. December closed lower on Thursday at $2.707.
The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF injection to storage for the week ended October 25 – below the market estimate of a 92 BCF injection. Total working gas in storage was reported as 3,863 BCF; 2.8% above this time last year and 4.8% above the five-year average.
As of 6:25AM this morning in Globex, WTI Crude was up $1.760; Natural Gas was up $0.001; Heating Oil was up $0.040, and Gasoline was up $0.038.
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